How do invoices and the payment process work for contractors?

This article explains the invoice and payment process for both fixed and pay-as-you-go (PAYG) contractors. You'll learn how the invoice systems work, how to pay, and the payment process for contractors. 

Invoice Process

When an invoice is auto-generated or submitted by the contractor, it will go into the approval queue under Invoices. Navigate to the Pay section of the left navigation menu and select Invoices to view all your contractor invoices and their statuses.

From this page, you can then go ahead and either approve or dispute the invoice. If an invoice is disputed, an email notification will be sent to the contractor, and the status will be updated.

Paying Oyster

Once an invoice has been approved, funds will be automatically pulled from your bank account if you have a direct debit set up. It could take five business days for this to reflect in your company account. Visit this article to learn how to set up direct debit.

If a direct debit is not available in your region, your invoice will have the Oyster bank account details for you to transfer the funds manually.

💡 If paying via wire transfer, ensure you enter the invoice number (usually in format XX-XXXX-XXXXXX-XXXXX) in the comments or reference field to help our Finance team match the payment to your account quickly.

Payout to contractors - timeline & status tracking

  1. Once an invoice gets approved, Oyster will wait for your company funds to be sent to our account before we can start the contractor payout process. The settlement and clearing of funds might take up to 5 business days.

  2. Immediately after we receive the invoice payment, Oyster automatically begins the payout based on the contractor's bank account and currency through our payment provider.

  3. Once the payment process begins, an email notification is automatically sent to the contractor's registered email. You can track the payout status on the Invoices page by viewing the Payout status column or by clicking on an individual invoice and viewing the side panel. 


  4. Payment usually takes up to 7 business days. However, there are sometimes delays due to the location of the contractor. If this happens, Oyster will immediately contact the contractor to resolve this.

  5. If the payment has been successfully made to the contractor's bank account, the payment confirmation is automatically sent to the contractor's registered email by our payment provider.

Payout status definitions

Below is the definition of each payout status. These definitions can also be accessed by clicking the info icon "i" next to the Payout status column.

 

 

 

Was this article helpful?

1 out of 3 found this helpful